SEC, NOA launch nationwide Anti-Ponzi campaign

Barbara Bako, Abuja.

The Securities and Exchange Commission (SEC) and the National Orientation Agency (NOA) have formalised a partnership to intensify nationwide public awareness campaigns against illegal investment schemes, popularly known as Ponzi schemes.

The collaboration was sealed through the signing of a Memorandum of Understanding (MoU) in Abuja on Wednesday, with both agencies committing to expand awareness efforts, particularly in rural communities, where many Nigerians remain vulnerable to fraudulent investment operators.

Speaking at the ceremony, Director-General of the SEC, Dr. Emomotimi Agama, emphasised the urgent need to educate citizens on the risks associated with unregistered investment platforms, commonly known as Ponzi schemes.

Agama, who was represented by the Executive Commissioner, Operations, Mr. Bola Ajomale, warned that promises of unusually high or guaranteed returns are key warning signs of fraud.

He urged Nigerians to always verify the registration status of investment companies with the SEC before committing their funds.

“We have in the last couple of months been concerned about the way Nigerians have been losing their hard earned money to illegal operators. We have taken some steps and one of which is to launch campaigns to enlighten Nigerians on the dangers of patronizing these operators. We have also gone ahead to enlighten our operators so that they too can join in these campaigns.

“But we have seen that these are not enough. We have realized that the NOA has the spread and we believe this collaboration will have a major impact all over the country,” he said.

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Agama also commended other government agencies supporting the Commission’s efforts to curb fraudulent schemes, noting that the initiative is in the interest of all Nigerians.

“For us at the SEC, it is an honor to host you. It is an honor for us to be able to sign this and I believe it is the beginning of some wonderful things to come to this country. Thank you very much,” he added.

On his part, Director-General of the NOA, Mallam Lanre Issa-Onilu, described the partnership as timely and necessary, given the increasing number of victims of Ponzi schemes.

Represented by the Director of Special Duties and Zonal Coordination, Mr. David Akoji, Issa-Onilu said the agency is fully committed to supporting initiatives that protect Nigerians from financial exploitation.

“Nigerians are very vulnerable and it is important we enlighten them on the dangers of patronizing these schemes. The NOA is committed to this partnership and we therefore expect that after signing this MoU, we will commence work immediately,” he stated.

The partnership is expected to drive coordinated sensitisation campaigns nationwide, leveraging NOA’s grassroots reach to complement SEC’s regulatory efforts in curbing illegal investment activities.